Flex Space with
New
For Sale
$849,000
115 Michigan Avenue, Daytona Beach, FL 32114
Commercial Sale, Daytona Beach, FL
Property Size2,757 SF
Lot Size0.09 Acres
Price / SF$307.94
Days on Market4
Property Features for 115 Michigan Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Guest
Lot features
Mitigation Property
Directions
PROCEEDING NORTH ON N. BEACH STREET FROM THE INTERSECTION OF US 92 (WEST INT'L SPEEDWAY BLVD), HEAD TOWARDS THE FAIRVIEW AVENUE-MAIN STREET BRIDGE JUNCTION, TURNING LEFT JUST ONE BLOCK BEFORE THAT INTERSECTION, ON TO MICHIGAN AVENUE. THE THREE PARCELS ARE LOCATED TO THE LEFT JUST PAST THE 400 BEACH MID-RISE APARTMENT FACILITY (NOW UNDER CONSTRUCTION).
Subdivision
34 - Daytona ISB to Mason, E of 95
Standard status
Active
APN
5338-41-00-0250
Size
2,757 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
38-15-33 LOT 25 D D ROGERS MB 5 PG 139 MB 18 PG 15 RESUB OF D D ROGERS DB C PG 700 MB 14 PG 110 PER OR 2265 PG 1970 PER OR 6760 PG 2890
Tax Annual Amount
1399
Legal Description
38-15-33 LOT 25 D D ROGERS MB 5 PG 139 MB 18 PG 15 RESUB OF D D ROGERS DB C PG 700 MB 14 PG 110 PER OR 2265 PG 1970 PER OR 6760 PG 2890
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1927
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Block, Frame, Wood Siding
Roof type
Wood, Metal
Listing Agency:
Salty City Realty
(386) 295-9299
Listed By:
Pete Klironomos · License #3410351
(386) 295-9299
Added: Aug 18
Changed: Aug 20
Last Checked: Aug 21 at 1:06AM
MLS# 1229912
Copyright © 2026 Daytona Beach Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-parcel commercial property includes a warehouse and separate office area at 115 Michigan Avenue. The warehouse contains 2,480 square feet, while the adjoining office area adds 277 square feet. Concrete flooring, block, frame, and wood siding construction, plus metal and wood roofing, are among the existing building features. Public water and sewer serve the property, and cable is available.
The property carries RDD4 zoning, supporting business storage facilities, office use, and retail-shop applications. The 117 Michigan Avenue structure has been condemned and is positioned for removal, which would allow parking to be added for business use at the 115 parcel. The 119 Michigan Avenue parcel includes a 900-square-foot structure currently used for storage, along with additional storage within the parcel boundaries. The 115 structure was built in 1927 and includes a bathroom.
The property carries RDD4 zoning, supporting business storage facilities, office use, and retail-shop applications. The 117 Michigan Avenue structure has been condemned and is positioned for removal, which would allow parking to be added for business use at the 115 parcel. The 119 Michigan Avenue parcel includes a 900-square-foot structure currently used for storage, along with additional storage within the parcel boundaries. The 115 structure was built in 1927 and includes a bathroom.
Key Highlights
- RDD4 zoning allows business storage, office, and retail‑shop uses
- 115 Michigan Avenue includes a 2,480 SF warehouse and separate 277 SF office
- 119 Michigan Avenue includes a 900 SF structure used for storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,314
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$826,280
$826.3K
Cap Rate 7%
$590,200
$590.2K
Cap Rate 9%
$459,044
$459.0K
Market Conditions
NOI Build-Up for 2,757 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$59.6K $21.60/SF
− Vacancy
−$4.5K −$1.62/SF
EGI
$55.1K $19.98/SF
− OpEx
−$13.8K −$5.00/SF
NOI
$41.3K $14.99/SF
Area
Volusia County, FL
Vacancy
7.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$826,280
Cap Rate 7%
$590,200
Cap Rate 9%
$459,044
Alternative Uses
Best Use
Office B
$590.2K
$516.4K – $688.6K
NOI $41,314 @ 7.0% cap · market cap 4.87%
Second Best
Flex RnD
$444.1K
$388.6K – $518.2K
NOI $31,089 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$812.9K
$711.3K – $948.4K
NOI $56,904 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,047
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32114, FL
34,943
Population
17,118
Households
2
Avg Household Size
33
Median Age
19%
College-Educated
89%
High-School Grad
16.0 sq mi
ZIP Area
2,184
Density / Sq Mi
$39,906
Median Household Income
$31,220
Median Earnings
$1,171
Median Rent
$174,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Three-parcel commercial property with RDD4 zoning, warehouse improvements, office space, and storage capability.
Where is this flex space located?
The property is located at 115 Michigan Avenue Daytona Beach, FL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: RDD4 zoning allows business storage, office, and retail‑shop uses; 115 Michigan Avenue includes a 2,480 SF warehouse and separate 277 SF office; 119 Michigan Avenue includes a 900 SF structure used for storage
